What’s your next big product idea? If you’re like most entrepreneurs, you’re always on the lookout for the next big thing. But finding that killer product can be tricky – especially if you don’t know where to start.
That’s why we’ve put together six tips for finding your next big product idea. So whether you’re brainstorming ideas or researching existing products, these tips will help you find the perfect product for your business. Let’s get started!
What is product research?
Product research is the process of understanding the needs of a customer and figuring out what product or service will best meet those needs. This involves studying what is currently available on the market, as well as researching potential new products or services that could be developed to meet customer needs.
Market research is also an important part of product research, as it helps to understand customer buying habits and preferences. This information can then be used to develop marketing strategies that will help to sell the product or service.
Product research is an essential step in bringing a new product or service to market, and it can help to ensure that the product is successful once it is launched. By doing a thorough research and planning ahead, businesses can avoid making costly mistakes and ensure that their products are a hit with customers.
1. Follow consumer trend publications
As a savvy consumer, it’s important to stay ahead of the latest trends. That’s why following consumer trend publications is a must.
There are a number of different publications that focus on tracking consumer trends. These can include industry-specific publications, like Food & Wine or Beverage Dynamics, or general interest publications, like Time or The Huffington Post.
No matter which publication you follow, they’ll all have one thing in common: they’ll be constantly tracking the latest trends in everything from food and drink to fashion and lifestyle. So if you’re looking to stay ahead of the curve, following a consumer trend publication is the way to go.
2. Find bestsellers on eCommerce marketplaces
When it comes to eCommerce, there are a few marketplaces that reign supreme. These platforms offer millions of products and cater to billions of shoppers annually. If you’re looking for bestsellers on these eCommerce platforms, look no further.
The first platform we’ll take a look at is Amazon. Amazon is the world’s largest online retailer, and it’s no surprise that they have some of the bestsellers in the business.
In fact, according to Amazon, their top 20 bestsellers this year alone generated over $1.5 billion in sales. Some of these bestsellers include the Echo Dot, the Instant Pot DUO60 6 Qt 7-in-1 Multi-Use Pressure Cooker, and the LifeStraw Personal Water Filter.
Another major player in the eCommerce space is eBay. eBay is a global marketplace that offers a wide variety of products from around the world. Their bestsellers this year include the Samsung Galaxy S9, Nike Air Max 270 Shoes, and Apple iPhone XS Max 256GB.
Finally, we’ll take a look at Walmart’s eCommerce platform. Walmart is one of America’s largest retailers, and its eCommerce platform is growing rapidly. This year, their bestsellers include the Instant Pot DUO60 6 Qt 7-in-1 Multi-Use Pressure Cooker, Fitbit Versa Smartwatch, and Samsung Galaxy J7 Prime 2 phone.
3. Browse social curation sites
As social media has continued to grow in popularity over the years, so too has the trend of content curation. This simply means that people are increasingly turning to social networks and other online platforms to find information and content that is interesting and relevant to them.
There are a number of different social curation sites out there, but three of the most popular ones are Reddit, Digg, and StumbleUpon. In this article, we will take a look at each of these sites and explore what makes them unique and popular among users.
Reddit is one of the most popular social curation sites on the Internet. It bills itself as “the front page of the Internet”, and it is essentially a collection of user-generated content from around the web. People can submit links to articles, images, or videos, and then other users can vote on them, resulting in a ranking system that determines which submissions are shown on the site’s homepage.
Digg is very similar to Reddit in that it is also a collection of user-generated content. However, Digg is focused more on news stories than it is on general content like Reddit. Users can submit news stories, and then other users can vote on them to determine whether they make it onto the Digg homepage.
StumbleUpon is a little different from Reddit and Digg in that it doesn’t rely on voting to determine which content is shown on its site. Instead, it relies on algorithms that determine which content is most likely to be interesting to individual users. When you sign up for StumbleUpon, you are given a list of topics that you are interested in, and then the site will recommend content based on those interests.
4. Evaluate B2B wholesale marketplaces
When it comes to evaluating B2B wholesale marketplaces, there are a few key factors to consider. The first is the size of the marketplace. A larger marketplace will have more suppliers and products to choose from, making it easier for buyers to find what they need.
Another important factor is the quality of the products offered. A good wholesale marketplace will have suppliers who offer high-quality products at competitive prices. Buyers should also look for a marketplace that has a variety of products to choose from, including both common and unique items.
Finally, buyers should consider the cost of using the marketplace. Some marketplaces charge membership fees or transaction fees, so buyers should make sure they are getting good value for their money.
When evaluating B2B wholesale marketplaces, these are some of the key factors to consider. By considering these factors, buyers can find the best marketplace for their needs.
5. Observe niche forums
Observing niche forums is a great way to get an idea of the types of conversations that are happening within a particular community. By paying attention to the topics that people are discussing, you can develop an understanding of the interests and concerns of that group.
This information can be used to create content that is relevant to the audience and that will resonate with them.
In addition, observing niche forums can help you identify potential opportunities for marketing or product development. For example, if you notice that a particular forum is discussing a problem that your company’s product solves, you may want to consider targeting that group with some marketing efforts.
Or, if you see that a particular topic is getting a lot of discussion, you may want to consider creating a product or service related to that topic.
By taking the time to observe niche forums, you can gain valuable insights into the minds of your target audience and develop strategies for reaching them.
6. Ask your own customers
When asking your own customers what they want, it’s important to keep in mind that there is no one-size-fits-all answer. What works for one company might not work for another. However, there are some general ideas that you can keep in mind when soliciting feedback from your customer base.
One way to get feedback from customers is to hold an online survey or poll. This can be a great way to get a sense of what customers are looking for, what they like about your product or service, and where they think you could make improvements.
Another way to gather feedback is through customer interviews. This involves sitting down with customers one-on-one and asking them about their experience with your product or service. This can be a great way to get detailed feedback and learn more about what customers value most.
Finally, you can also simply ask customers what they want directly. This can be done in person, over the phone, or via email. By asking customers what they want, you can ensure that you are delivering the products and services that they actually need and want.
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Conclusion- Product Research: Finding Your Next Product Idea Guide 2023
If you’re looking for your next big product idea, following these six tips will help ensure that you find a winner. By considering potential customer needs, looking for ideas in unlikely places, and staying up to date on industry trends, you’ll be well on your way to developing a product that is both profitable and impactful.
Do you have any other tips for finding great product ideas? Share them with us in the comments below!